Overview of Cannabis Payment Processing SolutionsCashless ATM & Traditional Debit Card Processing // Credit Card Payment Processing w TEXT-TO-PAY & MARKETPLACE
Card Brands Accepted
CASHLESS ATM – accepts Debit cards only
TRADITIONAL – accepts Debit cards only
TEXT-TO-PAY – accepts All Major Credit & Debit Cards plus ACH & Wires
CASHLESS ATM – your store name will be on the customers receipt
TRADITIONAL – your store name will be on the customers receipt – can be modified
TEXT-TO-PAY – your unique numeric descriptor will be on the receipt
CASHLESS ATM – customer swipes their card and enters their PIN number
TRADITIONAL – customer swipes their card and enters their PIN number
TEXT-TO-PAY – P2P transaction processing (similar to paypal or venmo)
Telephone orders are accepted – does not need to be face-to-face
Transaction Totals – Invoicing
CASHLESS ATM – the transaction will round up to the nearest $5.00 increment – the change is returned in cash
TRADITIONAL – the transaction will invoice to the exact amount – no change given
TEXT-TO-PAY – the transaction will invoice to the exact amount – no change given
CASHLESS ATM – $0.00
TRADITIONAL – $30.00
TEXT-TO-PAY – $199.00 and this includes a free Cannabis Checking Account
CASHLESS ATM – $2.50-$3.00 with a contract or $4.00 month-to-month. All fees are charged to the customer
TRADITIONAL – (3.50% – 4.50%) + $0.35 per transaction – less the portion shared with the customer
TEXT-TO-PAY – Store pays 6.95% + 30 cents per transaction – less the portion shared with the customer
CASHLESS ATM – $300 – $425 in-store or $500 + $25 for wifi per terminal
TRADITIONAL – $260 standard or $400 for wifi or $440 for 3G
TEXT-TO-PAY – $0.00 – uses a virtual terminal (any internet connected device)
CASHLESS ATM – 2 day hold then paid daily
TRADITIONAL – batched before 6 pm PST is next day – after 6 pm PST is the day after that
TEXT-TO-PAY – deposits in real time – then pending for 5 business days
CASHLESS ATM – no reserves
TRADITIONAL – no reserves
TEXT-TO-PAY – 10% rolling reserve for the first 90 days – it will then adjust to
0%-10% after the 90 day probation depending on your risk & charge back ratio
CASHLESS ATM – must have a business bank account
TRADITIONAL – must have a business bank account
TEXT-TO-PAY – comes with a FREE Cannabis Checking Account & debit card…FDIC insured
CASHLESS ATM – compatible with any POS – integration is possible
TRADITIONAL – compatible with any POS – integration is possible
TEXT-TO-PAY – compatible with any POS – no integration
CASHLESS ATM – none
TRADITIONAL – none
TEXT-TO-PAY – the company-wide average is 2 tenth’s of 1 percent.
Maximum Amount Allowed per Card
CASHLESS ATM – $800 per swipe – $1200 on an individual card within 24 hours
TRADITIONAL – $1,000 per swipe & per day
TEXT-TO-PAY – $450 per transaction
CASHLESS ATM – no probation
TRADITIONAL – no probation
TEXT-TO-PAY – 90 day probation – then your overall risk & charge back ratio will be reviewed
CASHLESS ATM – month-to-month with no ETF or a contact with $0.00 to $100 per month ETF
TRADITIONAL – 3 years – the early termination fee (ETF) $500 for more than 12 months left on the agreement – $250 for less than 12 months left on the agreement
TEXT-TO-PAY – month-to-month & no early termination fee (ETF)
These estimates do not take into account how much more often your customers will shop when they can use their credit or debit card (it’s more) or how many new customers you’ll gain by taking them away from your competition (the ones that do not accept credit or debit cards).
CASHLESS ATM – Debit – The funding time is faster than for credit (TEXT-TO-PAY) and there are no fees to the business except for the card readers.
TRADITIONAL – real debit card processing, fastest funding time, lowest rate, most common user experience. All fees may be passed on to the customer. And is convertible to credit when federally legal.
TEXT-TO-PAY – Credit/Debit – There will be more of an initial investment ($199 monthly fee + a 10% reserve) but provide a greater ROI over a debit only solution. The ability to take phone orders has many advantages, especially for curbside and delivery. There is no equipment cost and it comes with a FREE Cannabis Checking Account to the store and the customer. Must process 100k a month minimum after 90 days to stay on the program.
MMJ Bankers can help you decide on the best overall solution for your business. We do this by giving you multiple options to choose from. You can get a cannabis checking account through us for free with (TEXT-TO-PAY) or an online bank account at one of three major cannabis banks and possibly a brick & mortar bank account depending on the state.
Make an appointment for a brief phone call to get started.